Central Bank of India Q3 Results: Net Profit Up 33%, Share Price Jumps
Q3 Profit Surge
Central Bank of India's third-quarter standalone net profit surged by 33.6% year-on-year, with improved asset quality, according to financial results released on Monday. The public sector lender reported a profit of ₹959 crore, compared to ₹718 crore in the same period last year.
Net Interest Income
The bank's Net Interest Income (NII), the difference between interest revenues and interest expenses, rose by 12% from ₹3,152 crore to ₹3,540 crore.
Improved Asset Quality
Central Bank of India's asset quality improved, with the gross non-performing assets (GNPA) ratio declining to 3.86% as of December 31, 2024, compared to 4.59% in the previous quarter. The net NPA ratio fell to 0.59% from 0.69% in the prior quarter.
CASA and Gross Advances
The bank's current account-savings account (CASA) ratio rose from 49.18% to 48.98%. CASA deposits increased by 5.72% to ₹1.95 lakh crore. Gross advances jumped 13% to ₹2.70 lakh crore.
Stock Performance
Central Bank of India's share price advanced over 5% intraday to ₹55.5 apiece. The stock was trading 3.7% higher by 2:35 PM. The benchmark NSE Nifty 50 was up by 0.6%. The stock has fallen nearly 3% in the last 12 months. The total traded volume so far in the day stood at 1.6 times its 30-day average, and the relative strength index was at 52.
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